Manila, Jan. 15.
On Monday last, a lengthy message from the Governor-General in connexion with the purchase of the Manila Railroad by the Philippine government, was presented to the members of the Assembly and on the conclusion of the reading of the same, was referred to the committees on railroads and appropriations. The message, which would take up over three colum: of the "North-China Daily Né if reproduced in full, is chiefly devoted to argument as to why it would be advisable for the railroad to become the property of the government. Apart from these arguments, one gathers that eight million pesos, or approximately seventy per cent. of the face value of the railroad stock, is the price finally agreed upon by the Phi pine government for the acquit tion by purchase of the Mani! Railroad Company. In addition to this sum, fifty-one per cent. of which is to be paid immediately upon the ratification of the contract by the Philippine Legislature, the Insular government. wil undertake to lend to the Mani Railroad Company funds to mi tain a sinking fund to be estab lished by that Company at a rate sufficient to pay off the principal on the outstanding government interest-guaranteed four per cent.
The message recommends the purchase of the railroad property, and that provision be for management of this property with reasonably fixed tenure of office and freedom from minor political restrictions, under the civil service rules. It also points out the desir ability of public ownership of this road and submits a detailed account of the finances of the company and the unwisdom of a perpetual franchise.
Text read from the printed page and cleaned; old type leaves the occasional error.